Feature/OPED
Nigeria 2023: Top to Bottom, Bottom to Top
By Prince Charles Dickson PhD
It is a trap that the giant rat disdains that wrenches its testicles backwards.
At the beginning of the year, I had promised that for 12 months, Insha Allah, I will once a month X-ray the issues around the forthcoming general elections in the world’s largest black population and sufacracy. Kindly note my use of the phrase Insha Allah. This is number four, and eight more to go.
And I start like this—the war in Ukraine, along with sanctions imposed by the United States and Western countries against Russia, have caused global food, fertilizer, and fuel prices to ‘skyrocket’ and endanger the world food supply. This conflict is exacerbating the existing crisis of global hunger and imperils the living standards and well-being of billions of people – particularly in the Global South.
Russia and Ukraine together produce nearly 30 per cent of the world’s wheat and roughly 12 per cent of its total calories.
Over the past five years, they have accounted for 17 per cent of the world’s corn, 32 per cent of barley (a critical source of animal feed), and 75 per cent of sunflower oil (an important cooking oil in many countries).
On top of this, Russia is the world’s largest supplier of fertilisers and natural gas (a key component in fertiliser production), accounting for 15 per cent of the global trade of nitrogenous fertilisers, 17 per cent of potash fertilisers and 20 per cent of natural gas.
The current crisis threatens to cause a global food shortage. The United Nations has estimated that up to 30 per cent of Ukrainian farmland could become a warzone; in addition, due to sanctions, Russia has been severely restricted in exporting food, fertilizer, and fuel. This has caused global prices to surge. Since the war began, wheat prices have increased by 21 per cent, barley by 33 per cent, and some fertilisers by 40 per cent.
The painful impact of this shock is being felt by people around the world, but most sharply in the Global South. ‘In a word, developing countries are getting pummelled,’ United Nations Secretary-General António Guterres recently remarked.
According to the UN, 45 African and ‘least developed’ countries import at least a third of their wheat from these two Russia or Ukraine – 18 of those countries import at least 50 per cent. Egypt, the world’s largest wheat importer, obtains over 70 per cent of its imports from Russia and Ukraine, while Turkey obtains over 80 per cent.
Countries of the Global South are already facing severe price shocks and shortages, impacting both consumption and production.
In Nigeria, bread prices have risen by 40 per cent in some areas. Meanwhile, Brazil, the world’s largest producer of soybeans, is facing a major reduction in crop yields. The country purchases close to half of its potash fertiliser from Russia and neighbouring Belarus (which is also being sanctioned) – it has only a three-month supply remaining with farmers being instructed to ration.
Dangers that one belittles are liable to cause great havoc…Nigeria is literally producing nothing than selling crude oil and is dependent on every other thing else!
Nigeria, be it himself, herself or itself, is a nation that thrives on breaking the rules, one of the major reasons for why we are at this point. We refuse to follow the set rules, we kill what seemed ordinarily our once moderately easy to follow rules, ethos and norms. With each new administration, the signs were there but we refused to see them. Again, the signs are there, that the world may not remain the same…but our would-be leaders come 2023 don’t seem to understand the dynamics I outlined above beyond buying nomination forms.
From top to bottom, it was all messed up, and those vying for elective positions in the general elections do not know the amount of work to be done if we are to even aspire to the top from the bottom.
Do they have a template in today’s world of Brazil, Russia, China, India and South Africa (BRICS), where Nigeria does not feature beyond collecting all manners of loans and being indebted to all?
From atop when the Naira outweighed the Dollar, the Nigerian postage stamp carried muscle against the British pounds, the Naira donated to the Rand, and the Brazilian cruzeiro then was a debt currency, everything Chinese was inferior and India was known for its many gods, Bollywood and cricket.
Now, we are miles apart, being deported and left to rot in jails in these places. From the point where just, a Naira gave you plenty of dollars to now a hundred dollars gives you plenty thousands, in fact, nearing N1,000, real bottom!
From a history when most nations were visa-free, to a gradual decline where (1) we beg, pray, fast and then if successful we add a thanksgiving for a visa to Botswana. (2) To a situation where one of the government’s key phrases is foreign direct investment. A nation that cannot invest in itself yet believes that by treating its calabash recklessly, we would get better treatment from others. We watch the gradual disconnect between governance and good governance, a people and her leaders; that rather than provide leadership, ‘rule’ and ruin them to rock bottom.
Once upon a time, a giant of Africa and big brother, now begging to partner everyone for any project from electricity from Ghana to fuel from Niger, or beans from Burkina Faso or what is it we wanted from Rwanda again. Really our testicles have been wrenched backwards.
We killed everything that had an N–Nigerian Airways, Nigerian Railway, NITEL, Niger Dock, Nigerian Hospitals, Schools, Nigeria Police, a step at a time we sowed hate, theft, political violence and corruption, watered it and we are acting amused like we never saw it coming.
So, mobile telephone is South African, best hospitals are Indian, Egyptian, or German but not Nigerian. We invite Mosaad, FBI, Scotland and anyland Yard to solve our never-ending criminal puzzles. Just for those that don’t know, or are feigning ignorance. They are schools in Nigeria where the tuition fees are dollar-denominated, shops that only sell in dollars.
Just listen to the old block, Maitama Sule, Emeka Anyaokwu, and though they share the blame when they talk; you hear of a glorious past and advice on how to get to a desirable future.
Sadly, now the dollar talks, Naira shivers, public officials loot in the dollar, and we citizens spend Naira to cowardly defend them because of faith, creed, religion and ethnic cleavages. He/she is not a thief if he/she comes from my own side of the wood or prays to my own ‘god’.
Private miseducation has long replaced patriotic public education. Nursery rhymes have long replaced the national anthem. Public officials are applauded; people dance and come down with rheumatism for the building of a culvert or borehole. Nigerians have not become Pakistan, Afghanistan, and Sudanstan but going to Kaduna from Abuja has become Golgotha. It has all changed and how fast it all changed, from Jos, a once peaceful haven to a conflagration of all sorts of bloody and violent clashes. It’s worse in Kaduna, terrible in Katsina and Borno, Zamfara and Sokoto, Kebbi and in the South West criminality and robbery prevail, while gunmen and unknown gunmen hold the East hostage.
That we are now being forced to tell our kids the good old story is painful, not painful because it is the good old story, but because they may never see a good Nigeria if we don’t get 2023 right.
All these masquerade dancing egedege do they know we are rock bottom; do they know what’s happening in the global community and how it affects us, are they ready to move from bottom to a middle ground if not top, do they know beyond which zone or region gets the presidency, the crown does not cure the headache—only time will.
By Luke Kyohere
The global payments landscape is undergoing a rapid transformation. New technologies coupled with the rising demand for seamless, secure, and efficient transactions has spurred on an exciting new era of innovation and growth. With 2025 fast approaching, here are important trends that will shape the future of payments:
1. The rise of real-time payments
Until recently, real-time payments have been used in Africa for cross-border mobile money payments, but less so for traditional payments. We are seeing companies like Mastercard investing in this area, as well as central banks in Africa putting focus on this.
2. Cashless payments will increase
In 2025, we will see the continued acceleration of cashless payments across Africa. B2B payments in particular will also increase. Digital payments began between individuals but are now becoming commonplace for larger corporate transactions.
3. Digital currency will hit mainstream
In the cryptocurrency space, we will see an increase in the use of stablecoins like United States Digital Currency (USDC) and Tether (USDT) which are linked to US dollars. These will come to replace traditional cryptocurrencies as their price point is more stable. This year, many countries will begin preparing for Central Bank Digital Currencies (CBDCs), government-backed digital currencies which use blockchain.
The increased uptake of digital currencies reflects the maturity of distributed ledger technology and improved API availability.
4. Increased government oversight
As adoption of digital currencies will increase, governments will also put more focus into monitoring these flows. In particular, this will centre on companies and banks rather than individuals. The goal of this will be to control and occasionally curb runaway foreign exchange (FX) rates.
5. Business leaders buy into AI technology
In 2025, we will see many business leaders buying into AI through respected providers relying on well-researched platforms and huge data sets. Most companies don’t have the budget to invest in their own research and development in AI, so many are now opting to ‘buy’ into the technology rather than ‘build’ it themselves. Moreover, many businesses are concerned about the risks associated with data ownership and accuracy so buying software is another way to avoid this risk.
6. Continued AI Adoption in Payments
In payments, the proliferation of AI will continue to improve user experience and increase security. To detect fraud, AI is used to track patterns and payment flows in real-time. If unusual activity is detected, the technology can be used to flag or even block payments which may be fraudulent.
When it comes to user experience, we will also see AI being used to improve the interface design of payment platforms. The technology will also increasingly be used for translation for international payment platforms.
7. Rise of Super Apps
To get more from their platforms, mobile network operators are building comprehensive service platforms, integrating multiple payment experiences into a single app. This reflects the shift of many users moving from text-based services to mobile apps. Rather than offering a single service, super apps are packing many other services into a single app. For example, apps which may have previously been used primarily for lending, now have options for saving and paying bills.
8. Business strategy shift
Recent major technological changes will force business leaders to focus on much shorter prediction and reaction cycles. Because the rate of change has been unprecedented in the past year, this will force decision-makers to adapt quickly, be decisive and nimble.
As the payments space evolves, businesses, banks, and governments must continually embrace innovation, collaboration, and prioritise customer needs. These efforts build a more inclusive, secure, and efficient payment system that supports local to global economic growth – enabling true financial inclusion across borders.
Luke Kyohere is the Group Chief Product and Innovation Officer at Onafriq
In a heartfelt statement released today, the Conference of Nigeria Political Parties (CNPP) has extended its warmest congratulations to Ghana’s President-Elect, emphasizing the importance of learning from Ghana’s recent electoral success as Nigeria gears up for its 2027 general elections.
In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, the CNPP highlighted the need for Nigeria to reclaim its status as a leader in democratic governance in Africa.
“The recent victory of Ghana’s President-Elect is a testament to the maturity and resilience of Ghana’s democracy,” the CNPP stated. “As we celebrate this achievement, we must reflect on the lessons that Nigeria can learn from our West African neighbour.”
The CNPP’s message underscored the significance of free, fair, and credible elections, a standard that Ghana has set and one that Nigeria has previously achieved under former President Goodluck Jonathan in 2015. “It is high time for Nigeria to reclaim its position as a beacon of democracy in Africa,” the CNPP asserted, calling for a renewed commitment to the electoral process.
Central to CNPP’s message is the insistence that “the will of the people must be supreme in Nigeria’s electoral processes.” The umbrella body of all registered political parties and political associations in Nigeria CNPP emphasized the necessity of an electoral system that genuinely reflects the wishes of the Nigerian populace. “We must strive to create an environment where elections are free from manipulation, violence, and intimidation,” the CNPP urged, calling on the Independent National Electoral Commission (INEC) to take decisive action to ensure the integrity of the electoral process.
The CNPP also expressed concern over premature declarations regarding the 2027 elections, stating, “It is disheartening to note that some individuals are already announcing that there is no vacancy in Aso Rock in 2027. This kind of statement not only undermines the democratic principles that our nation holds dear but also distracts from the pressing need for the current administration to earn the trust of the electorate.”
The CNPP viewed the upcoming elections as a pivotal moment for Nigeria. “The 2027 general elections present a unique opportunity for Nigeria to reclaim its position as a leader in democratic governance in Africa,” it remarked. The body called on all stakeholders — including the executive, legislature, judiciary, the Independent National Electoral Commission (INEC), and civil society organisations — to collaborate in ensuring that elections are transparent, credible, and reflective of the will of the Nigerian people.
As the most populous African country prepares for the 2027 elections, the CNPP urged all Nigerians to remain vigilant and committed to democratic principles. “We must work together to ensure that our elections are free from violence, intimidation, and manipulation,” the statement stated, reaffirming the CNPP’s commitment to promoting a peaceful and credible electoral process.
In conclusion, the CNPP congratulated the President-Elect of Ghana and the Ghanaian people on their remarkable achievements.
“We look forward to learning from their experience and working together to strengthen democracy in our region,” the CNPP concluded.
By Kenechukwu Aguolu
The proposed tax reform, involving four tax bills introduced by the Federal Government, has received significant criticism. Notably, it was rejected by the Governors’ Forum but was still forwarded to the National Assembly. Unlike the various bold economic decisions made by this government, concessions will likely need to be made on these tax reforms, which involve legislative amendments and therefore cannot be imposed by the executive. This article highlights the purposes of taxation, the qualities of a good tax system, and some of the implications of the proposed tax reforms.
One of the major purposes of taxation is to generate revenue for the government to finance its activities. A good tax system should raise sufficient revenue for the government to fund its operations, and support economic and infrastructural development. For any country to achieve meaningful progress, its tax-to-GDP ratio should be at least 15%. Currently, Nigeria’s tax-to-GDP ratio is less than 11%. The proposed tax reforms aim to increase this ratio to 18% within the next three years.
A good tax system should also promote income redistribution and equality by implementing progressive tax policies. In line with this, the proposed tax reforms favour low-income earners. For example, individuals earning less than one million naira annually are exempted from personal income tax. Additionally, essential goods and services such as food, accommodation, and transportation, which constitute a significant portion of household consumption for low- and middle-income groups, are to be exempted from VAT.
In addition to equality, a good tax system should ensure equity and fairness, a key area of contention surrounding the proposed reforms. If implemented, the amendments to the Value Added Tax could lead to a significant reduction in the federal allocation for some states; impairing their ability to finance government operations and development projects. The VAT amendments should be holistically revisited to promote fairness and national unity.
The establishment of a single agency to collect government taxes, the Nigeria Revenue Service, could reduce loopholes that have previously resulted in revenue losses, provided proper controls are put in place. It is logically easier to monitor revenue collection by one agency than by multiple agencies. However, this is not a magical solution. With automation, revenue collection can be seamless whether it is managed by one agency or several, as long as monitoring and accountability measures are implemented effectively.
The proposed tax reforms by the Federal Government are well-intentioned. However, all concerns raised by Nigerians should be looked into, and concessions should be made where necessary. Policies are more effective when they are adapted to suit the unique characteristics of a nation, rather than adopted wholesale. A good tax system should aim to raise sufficient revenue, ensure equitable income distribution, and promote equality, equity, and fairness.
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